President Bola Tinubu has disclosed that the Nigeria-Grid Battery Energy Storage System will benefit from a planned $500 million facility from the African Development Bank (AfDB).
Tinubu added that the system will provide electricity to 2 million Nigerians.
This was disclosed in a statement on Tuesday, signed by Bayo Onanuga, Special Adviser to the President (Information & Strategy).
The statement followed the conclusion of the President’s visit to Dar es Salaam, Tanzania, where he joined other African leaders at the Mission 300 Africa Energy Summit.
The summit was hosted by the Tanzanian government in collaboration with the African Union, the African Development Bank (AfDB), and the World Bank Group.
Nigeria’s Electrification Project
According to the statement, President Tinubu called on African leaders to prioritise energy access, emphasising the need for collective action.
“Let us work together to create a brighter future for our citizens—where every African can access reliable and affordable energy. A future where our industries thrive, our economies grow, and our people prosper,” the President said in a speech delivered by the Minister of Power, Adebayo Adelabu.
- President Tinubu acknowledged AfDB’s $1.1 billion commitment, which is expected to provide electricity to 5 million people by the end of 2026.
- He also noted the bank’s $200 million commitment to the Nigeria Electrification Project, adding that it will provide electricity to 500,000 people by the end of 2025.
“We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity to an additional two million people.
“We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power for 16.2 million people,” he added.
- He also applauded contributions from the World Bank Group, Dr. Akinwunmi Adesina of AfDB, UN Sustainable Energy for All, the Rockefeller Foundation, and the Global Energy Alliance for Development in Africa’s energy initiatives.
“As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy. This situation is unacceptable. It is our responsibility to take collective action to change this narrative,” President Tinubu said.
- The statement further highlighted ongoing investments in renewable energy, noting that the federal government is in the final stages of developing an electric vehicle (EV) charging infrastructure programme emphasising renewable energy and stricter vehicle emission standards.
“This will ease adoption barriers, galvanise partnerships, and provide affordable EV financing options. I am pleased to announce that the first 100 electric buses are already in the country.
“Nigeria’s energy sector is growing as a direct result of our reforms. The Nigerian government continues to incentivise those interested in investing in renewable energy, oil and gas, and energy efficiency,” he stated.
President Tinubu also stressed that Nigeria attracted over $6 billion in new investments into its energy sector in 2024 alone, with plans to build on this success in 2025 and beyond.
More Insights
At the summit, the International Finance Corporation (IFC) reportedly announced a $70 million commitment in private sector funding to five Nigerian Renewable Electricity Service Companies (RESCOs) under the Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES) programme.
According to the presidency, the Rural Electrification Agency (REA) will implement the project while Nigeria’s National Energy Compact sets targets with timelines and outlines planned reforms.
“Other reform actions include embracing distributed renewable energy and clean cooking solutions for affordable last-mile access and leveraging the benefits of increased regional integration.
“According to the document, Nigeria will require an investment of $23.2 billion for last-mile electrification, including contributions from the public and private sectors,” the presidency stated.
The summit in Tanzania concluded with the presidential endorsement of the Dar es Salaam Declaration by African leaders at the Julius Nyerere International Convention Centre.
Through the declaration, leaders from 12 countries expressed their commitment to ensuring electricity access for their citizens within the next five years.